Cubic Energy, Inc. (QBC) is an independent energy company focused on the exploration, development, and production of natural gas and crude oil. As its name suggests, the company takes a multi-dimensional focus on the integration of engineering, financial management and earth sciences in its oil and gas exploration efforts. Cubic plans to pursue low-risk opportunities while building high-yield reserves.
The company received landmark news at the end of July 2008 that it had received approval to be listed on the American Stock Exchange (AMEX). Cubic’s common stock began trading under the symbol “QBC” on August 4th. The shares had previously been traded under QBIK on the OTCBB. President and CEO of Cubic, Calvin Wallen said, “This is an incredible milestone for Cubic and its shareholders. With the ability to list on AMEX, Cubic is able to reach both United States and Global investors.”
During the fall of 2008, Cubic announced that its Red Oak Timber 5 No. 1 spud, located at the company’s southern portion of its Bethany Longstreet property, had completed drilling to 11,950 feet. The site then commenced horizontal drilling in the Haynesville Shale level. Cubic holds a 35% working interest in this particular well, while it maintains a 49% working interest at three other Haynesville Shale wells on the northern portion of the Johnson Branch.
Tremendous progress is being made at the Cotton Valley well sites. Cubic should see a steady revenue stream once it transitions its more advanced sites into full-production locations.
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